APN's two big shareholders force out CEO

APN News and Media's two major shareholders have forced the resignation of the trans-Tasman publisher's chief executive, chairman and three independent directors.

The regional and New Zealand newspaper publisher said on Monday chief executive Brett Chenoweth and chairman Peter Hunt would leave the company.

Independent directors Melinda Conrad, John Harvey and John Maasland will also leave.

All resignations take effect from 19 February.

Independent director Kevin Luscombe will retire in April 2013 as previously planned.

The resignations came after APN's two largest shareholders, Ireland-based Independent News and Media (INM) and funds manager Allan Gray, which together hold a 51 per cent stake, expressed opposition to a proposed pro-rata capital raising being considered.